Aged Care Technology Pioneer, Simavita Releases Prospectus, Sets Date for ASX Listing
- Simavita releases the prospectus for its Australian Securities Exchange (ASX) compliance listing.
- ASX listing follows Simavita’s recent listing on the Toronto Stock Exchange Ventures market.
- Funds raised under both IPOs will allow the company to advance its US distribution agreement, with dominant US incontinence product provider, Medline – a Forbes 100 company.
- Simavita’s ground-breaking SIM™ device significantly improves the way incontinence is assessed and managed in aged care facilities.
SYDNEY--(BUSINESS WIRE)--Simavita Limited (TSX VENTURE:SV) has today released the prospectus which will lead the company to its float on the Australian Securities Exchange.
“Listing on the ASX will help us to maintain the strong momentum that we have built around our North American distribution agreement, and support our roll out in the US from January 2014.”
Under the offer, which is open from 18 December and will close on 23 December, Simavita plans to raise a maximum of $1.1 million. The Prospectus relates to the offer of up to 2.7 million CHESS Depositary Interests (CDI) in Simavita at an offer price of A$0.41 per CDI. The funds will complement the company’s $13.9 million initial public offering on the Toronto Stock Exchange Ventures, which concluded in late November.
Simavita expects to begin trading on the ASX early in the New Year.
The funds raised will primarily provide working capital for the Company to build inventory and support the US Distribution Agreement with Medline. The capital will also be used to develop new products over the coming 1-2 years, and launch into new markets commencing immediately in the United States, followed by Canada and Europe.
Philippa Lewis, CEO and Managing Director of Simavita, commented: “Listing on the ASX will help us to maintain the strong momentum that we have built around our North American distribution agreement, and support our roll out in the US from January 2014.”
“The Australian listing is important to Simavita - we are an Australian company, and have spent years working with the aged care industry here to develop, test and improve our SIM™ incontinence device. The dual listing provides us with important access to North American opportunities and investors but also allows us to remain in Australia where our technology was developed and commercialised. We think that trading in both markets will be beneficial to Simavita and our shareholders.”
Simavita’s world first SIM™ device fills an important gap which currently exists in the burgeoning aged care market. SIM™ is an integrated and instrumented incontinence assessment which dramatically reduces the cost of labour and consumables related to the incumbent incontinence assessment process undertaken by aged care facilities for each new resident.
A staggering 70% of aged care residents are incontinent, which means that the global cost of incontinence in nursing homes is estimated at $6 billion for labour alone; in fact, 25% of labour in aged care facilities goes to continence management. In addition, $9 billion worth of continence products are sold annually.
This announcement does not and shall not constitute an offer to sell or the solicitation of any offer to buy any securities.
Simavita is a medical device company that has developed an innovative world first solution for the management of urinary incontinence, with a focus on the elderly. The first product is the SIM™ platform technology which is an instrumented incontinence assessment application that provides evidence based incontinence management care plans to the residential aged care market.
SIM™ is a wireless sensor technology that delivers evidence-based instrument incontinence data on individuals. SIM™ provides user friendly tools and software to assess the incontinence condition and to help plan better outcomes. SIM™ is used to detect, record and report incontinence events during a compulsory or recommended assessment period in residential aged care facilities to develop an evidence-based incontinence care plan.
Conducting assessments is mandatory in many countries and the incontinence assessment creates an influential element of care of each individual.